Solana NFT marketplace Magic Eden closes $130M Series B round at $1.6B valuation

On Tuesday, Magic Eden, a well-liked nonfungible tokens (NFTs) platform on the Solana (SOL) blockchain with 112,927 SOL ($4 million) in 24-hour buying and selling quantity, announced that it had closed a Series B round for $130 million. The funding round was led by buyers resembling Electric Capital, Greylock, Lightspeed Venture Partners, Paradigm and Sequoia Capital  valued the agency at $1.6 billion.

The newly-infused capital might be used to develop the corporate’s major and secondary marketplaces, discover multi-chain alternatives, permit new hirings, and to be used in analysis and growth. Since its inception in September 2021, the marketplace now receives a mean of twenty-two million distinctive month-to-month classes and sees over 40,000 NFTs traded day by day.

Magic Eden’s Launchpad has additionally onboarded over 250 tasks up to now. In addition, it gives customization, advertising and marketing help, and operational execution to new NFT collections coming onto the first market. Meanwhile, its secondary market covers over 7,000 listings and sees over 92% of all NFT quantity on Solana.

Furthermore, Magic Eden has additionally launched over 50 video games and metaverse tasks. In that section, the agency oversees 90% of all gaming NFTs on Solana traded on its marketplace. Regarding the event, Zhuoxun Yin, chief working workplace and co-founder of Magic Eden, commented:

“We’re thrilled to have the continued help of our buyers and neighborhood and look ahead to delivering on Solana and past.”

 


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